Pilot for retail digital rupee to begin on December 1
The Hindu
‘First phase to begin with four banks - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank and will initially cover Mumbai, New Delhi, Bengaluru and Bhubaneswar’
The Reserve Bank of India (RBI) on Tuesday announced that the first pilot for the retail version of the digital Rupee (e₹-R) would be introduced on December 01, 2022.
It may be recalled that the RBI had on October 31 indicated that the pilot in e₹-R would commence in a month’s time.
The pilot would cover select locations in closed user groups (CUG) comprising participating customers and merchants.
The e₹-R would be in the form of a digital token that represents legal tender.
It would be issued in the same denominations as paper currency and coins are currently issued and would be distributed through banks.
“Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones / devices,” the RBI said.
Transactions can be both Person-to-Person (P2P) and Person-to-Merchant (P2M). Payments to merchants can be made using QR codes displayed at merchant locations.
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